202 E 2nd St · Superior, WI 54880

$224,900

3 bd · 2.0 ba · 1,669 sqft · Other · 192 Days on market

Built 1959 7,840 sqft lot

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.9/30.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• DSCR +3.2/10.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCTION This house has good bones and the possibilities are here to make this 3 bedroom 2 bath, a highly sought after home. Picture grabbing a great cup of coffee, selecting your favorite icecream, then curling up ithe enclosed porch to watch the sailboats float by. Or create an inviting VRBO. 2+1 car garage. Call for a viewing today.

Key facts

• Brand new roof
• Deck over the garage
• Rec room

Tags

• FULL ON VIEW OF LAKE SUPERIOR
• BRAND NEW ROOF
• INCLOSED PORCH
• DECK OVER THE GARAGE
• REC ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $225k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (21.2% below list).
• Recommended offer: $177k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.5% in Superior — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 86/100 on livability (#21 in WI, #337 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-.
• Superior School District (suburban): math 23% / reading 34% proficiency, ranked #290 of 342 in WI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.8%/yr); 168 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 110 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Douglas County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $24k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,188 (21.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.90%
• DSCR: 0.92
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.76% rent growth · sell at horizon

5-year hold

• IRR: -19.7%
• Equity multiple: 0.31×
• Total profit: $-43,216
• Equity at exit: $33,533

10-year hold

• IRR: -13.0%
• Equity multiple: 0.24×
• Total profit: $-47,565
• Equity at exit: $19,445

Cash invested: $62,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 54880

• Rents YoY: 2.8%
• Active inventory: 168
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,772 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$226 /mo · $2,714/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $-100

Break-even live

Break-even rent $1,898

Max offer price $207,320

Occupancy floor —

Sensitivity live

Price	-10% $28	-5% $-36	+0% $-100	+5% $-163	+10% $-227
Rent	-10% $-239	-5% $-170	+0% $-100	+5% $-30	+10% $40
Rate	-1.0pp $14	-0.5pp $-42	base $-100	+0.5pp $-158	+1.0pp $-217

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1806 John Ave Unit 1 Superior, WI	4.0	2.0	1600	$1,850	$1.16	44d	1	1.48mi

Listing history 9 events

1. 2026-05-31
   days on market $224,900 Active 192 DOM
2. 2026-05-30
   days on market $224,900 Active 191 DOM
3. 2026-04-29
   price $224,900 344-char remark

   Show marketing remark (344 chars)

   PRICE REDUCTION This house has good bones and the possibilities are here to make this 3 bedroom 2 bath, a highly sought after home. Picture grabbing a great cup of coffee, selecting your favorite icecream, then curling up ithe enclosed porch to watch the sailboats float by. Or create an inviting VRBO. 2+1 car garage. Call for a viewing today.

4. 2026-04-28
   price $224,900 344-char remark

   Show marketing remark (344 chars)

   PRICE REDUCTION This house has good bones and the possibilities are here to make this 3 bedroom 2 bath, a highly sought after home. Picture grabbing a great cup of coffee, selecting your favorite icecream, then curling up ithe enclosed porch to watch the sailboats float by. Or create an inviting VRBO. 2+1 car garage. Call for a viewing today.

5. 2026-03-18
   price $229,000 344-char remark

   Show marketing remark (344 chars)

   PRICE REDUCTION This house has good bones and the possibilities are here to make this 3 bedroom 2 bath, a highly sought after home. Picture grabbing a great cup of coffee, selecting your favorite icecream, then curling up ithe enclosed porch to watch the sailboats float by. Or create an inviting VRBO. 2+1 car garage. Call for a viewing today.

6. 2026-03-17
   price $229,000 344-char remark

   Show marketing remark (344 chars)

   PRICE REDUCTION This house has good bones and the possibilities are here to make this 3 bedroom 2 bath, a highly sought after home. Picture grabbing a great cup of coffee, selecting your favorite icecream, then curling up ithe enclosed porch to watch the sailboats float by. Or create an inviting VRBO. 2+1 car garage. Call for a viewing today.

7. 2025-11-21
   listed $249,000 Active 344-char remark

   Show marketing remark (344 chars)

   PRICE REDUCTION This house has good bones and the possibilities are here to make this 3 bedroom 2 bath, a highly sought after home. Picture grabbing a great cup of coffee, selecting your favorite icecream, then curling up ithe enclosed porch to watch the sailboats float by. Or create an inviting VRBO. 2+1 car garage. Call for a viewing today.

8. 2025-11-20
   listed $249,000 Active 344-char remark

   Show marketing remark (344 chars)

   PRICE REDUCTION This house has good bones and the possibilities are here to make this 3 bedroom 2 bath, a highly sought after home. Picture grabbing a great cup of coffee, selecting your favorite icecream, then curling up ithe enclosed porch to watch the sailboats float by. Or create an inviting VRBO. 2+1 car garage. Call for a viewing today.

9. 2019-07-18
   soldstatus $160,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $2,714 · $226/mo
• Projected year-2 tax: $3,437 · $286/mo
• Expected delta: +$723/yr (+$60/mo · 26.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,263
• − Mortgage interest: −$12,598
• − Property taxes: −$2,714
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,701
• − Management: −$1,701
• − Depreciation: −$6,543
• Taxable loss: −$5,119
• Est. tax savings @ 24.0%: +$1,228
• After-tax cash flow: $34/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Superior School District
• NCES district ID: 5514670
• Math proficiency: 23% ▼ -12.00%
• Reading proficiency: 34% ▼ -4.00%
• Median HH income: $43,659
• Composite: 24.31/100
• National rank: #7711
• State rank: #290 of 342 in WI

Livability — Superior

• Score: 86/100
• State rank: #21
• US rank: #337

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C+ Employment C Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Superior, WI
• County: Douglas County · 30,312 people
• City population: 30,312
• Metro: Duluth, MN-WI
• Population (ZIP): 30,312
• Household income: $68,275
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1018.0

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 42,505 people
• By 2030: 41,269 · -2.9%
• By 2040: 37,829 · -11.0%
• By 2050: 34,043 · -19.9%
• By 2075: 25,892 · -39.1%
• By 2100: 19,487 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 2% Black 1% Asian 1% Native American 1%
• Common ancestry: Portuguese 10% Romanian 9% Lithuanian 4%
• Foreign-born: 2% · China, Vietnam
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Douglas

• 2024 margin: Lean D (+5.3) · D 52.0% · R 46.6% · Other 1.4%
• 2008→2024 swing: -27.9pp toward R · 2008: 33.2pp · 2024: 5.3pp
• All cycles: 2024: D+5.3 2020: D+9.3 2016: D+7.6 2012: D+31.3 2008: D+33.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.80%
• Current HPI: 226.557
• Rent YoY: ▲ 2.76%
• Metro: Duluth, MN-WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

+40.6% since first listed

7 events — show timeline

• 2026-04-29 Price Changed $224,900 SAAR
• 2026-04-28 Price Changed $224,900 LSAR
• 2026-03-18 Price Changed $229,000 SAAR
• 2026-03-17 Price Changed $229,000 LSAR
• 2025-11-21 Listed $249,000 LSAR
• 2025-11-20 Listed $249,000 SAAR
• 2019-07-18 Sold (Public Records) $160,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $2,714 · +2.3% YoY. Source: county tax records.